Assignment 14 (Chapter 18 & 19) Flashcards
Real Property Taxes
Taxes levied on real estate by the government, based on the assessed value of the property.
Assessment Act
Legislation that defines who is responsible for paying property taxes, including life tenants, fee simple owners, and agreement for sale holders.
Local Government Regulations
Local governments have significant regulatory control over privately-owned land, more so than provincial or federal governments.
Zoning Bylaws
Local government regulations that dictate land use, building height, density, and other aspects of property development.
Property Assessment Appeal Board
The board to which appeals from the Property Assessment Review Panel must first be made before appealing to the British Columbia Supreme Court.
Point of Law
Appeals to the British Columbia Supreme Court from the Property Assessment Appeal Board can only be made on points of law, not fact.
Assessment Notice
A document notifying property owners of the assessed value of their property as determined by the assessor.
Tax Notice
A document requesting payment of taxes from property owners based on the assessed value of their property.
Zoning Bylaws
Regulations that control land use, building height, density, advertisement signs, and parking spaces, but do not regulate changes in ownership or occupancy.
Land Use Regulations
Rules that govern the permissible uses of land within a jurisdiction, typically enforced through zoning bylaws.
Real Property
Land and anything permanently attached to it, such as buildings and structures. Real property is immovable.
Personal Property
Any movable property that is not permanently attached to land or buildings, such as vehicles, furniture, and equipment.
Easement
A non-possessory right to use or enter someone else’s land for a specific purpose, such as utilities or access. Easements can affect property value and use.
Encroachment
An intrusion onto another person’s property, such as a fence or building that extends beyond the property line. Encroachments can lead to legal disputes and affect property rights.
Land Use Contract
An agreement between a landowner and the government regarding the use and development of land.
Development Permit
A permit required for certain types of development to ensure compliance with zoning and other regulations.
Equitable Mortgage
A mortgage that is secured by the borrower’s equity of redemption, often created through an agreement or by deposit of title deeds.
Legal Mortgage
A mortgage that is registered and recognized as a formal charge on the property.
Periodic Tenancy
A lease agreement that continues for successive periods (e.g., month-to-month) until terminated by either party with proper notice.
Notice of Termination
The formal notification given by a landlord or tenant to end a periodic tenancy, requiring a specified notice period.
Commercial Lease
A lease agreement for commercial property, which can include various enforceable clauses such as damage deposits, assignment prohibitions, and distress remedies.
Assignment of Lease
The transfer of lease obligations from the original tenant to a new tenant, subject to the landlord’s approval.
Self-Supply Rule
A GST rule that applies when a builder rents out a newly built home to a long-term tenant, triggering the GST obligation.
Input Tax Credit
A credit available to GST-registered businesses for the GST paid on business expenses, including construction costs.
Property Tax Exemption
A waiver from paying property taxes, typically granted to certain types of properties such as public schools, places of worship, and municipal buildings.
Crown Land
Land owned by the government, which is generally exempt from property taxes unless used by a private entity.
Subdivision Bylaws
Regulations governing the division of land into smaller parcels, including requirements for infrastructure such as roads and street lighting.
Building Scheme
A set of restrictions imposed by a developer to maintain aesthetic uniformity in a new housing development.
Strata Bylaws
Regulations enacted by a strata corporation to govern the control, management, maintenance, use, and enjoyment of strata lots and common property.
Strata Corporation
The legal entity created when a strata plan is deposited in the land title office, responsible for managing and maintaining the common property and assets of the strata development.
Net Taxable Value
The value of a property after all exemptions have been subtracted from the assessed value, used to calculate property taxes.
Mill Rate
The amount of tax payable per dollar of the assessed value of a property, used to calculate property taxes.
Legal Non-Conforming Use
A use of land that was lawful prior to the implementation of a new zoning bylaw but does not conform to the new bylaw. This use may continue but cannot be expanded or changed.
Rezoning
The process of changing the zoning classification of a property to allow for different uses. Rezoning applications must be approved by the local government.
Building Bylaws
Local regulations that set standards for the construction, alteration, and maintenance of buildings to ensure safety and health.
Subdivision Bylaws
Regulations that control the division of land into smaller lots, including requirements for infrastructure and services.
Licence
A contractual agreement granting permission to use property without conferring an interest in the land. A licence does not provide exclusive possession.
Lease
A contractual agreement granting exclusive possession of property for a specified period in exchange for rent. A lease creates an interest in the land.
Valuation of Real Property
The process of determining the value of real property for taxation purposes, typically done annually.
Tax Deferral Program
A program that allows eligible homeowners to defer payment of property taxes, often until the property is sold or transferred.
